Sell VCX by Dec 10, 2026.

Opened at $34.40 today, first full session since they announced the $1B at-the-market offering yesterday. Last filed NAV was $21.70 (that's the 6/30 number, filed 8/28 so it's not even that stale). So yeah, 1.6x. Here's the part I don't see people talking about enough. An ATM isn't a one-time raise, it's a tap the fund can turn on whenever the stock's running hot. And it's running hot right now. So every day this premium holds, they can just... sell …